Application of law in relation to offer of shares or debentures of telecommunication successor company or postal successor company
34.—(1) This section shall apply where the Minister for Finance or the company to which securities of the telecommunication successor company are issued at the direction of the Minister for Finance under section 32(1) offers for sale to the public shares or debentures of the telecommunication successor company; and in this section “full prospectus” means a prospectus which complies, or is deemed to comply, with the requirements of a prospectus under the Companies Act.
(2) If the shares or debentures are offered by a full prospectus as respects which the conditions mentioned in subsection (3) are fulfilled (referred to in this section as the offer prospectus), any form of application for the shares or debentures may (instead of being issued with a full prospectus) be issued with a notice given by the Minister for Finance which includes —
(a)
a brief description of the shares or debentures offered, the terms of the offer, the telecommunication successor company’s business and its financial position;
(b)
an indication of the places in Singapore where copies of the offer prospectus are to be available to members of the public; and
(c)
a statement of the effect of subsection (4).
(3) The conditions referred to in subsection (2) are —
(a)
that a copy of the prospectus has been delivered to the Registrar of Companies in pursuance of section 50 of the Companies Act; and
(b)
that arrangements have been made with a view to securing that on or before the date of receipt of the form of application by a member of the public copies of the prospectus are generally available in Singapore to members of the public.
(4) Where a form of application is issued without a full prospectus but with a notice given by the Minister for Finance under subsection (2), then, for the purposes of any enactment or any rule of law —
(a)
the notice shall be taken to have incorporated the offer prospectus; and
(b)
any application for the shares or debentures which is made in pursuance of the notice shall be taken to have been made in pursuance of that prospectus.
(5) This section shall apply mutatis mutandis to the postal successor company as it applies to the telecommunication successor company in respect of any offer or intended offer for sale to the public of shares or debentures of the postal successor company and the references in this section to —
(a)
telecommunication successor company shall be read as references to postal successor company; and
(b)
section 32(1) shall be read as references to section 47(1)(a).